JPMorgan names retail finance executive Lake as new CFO

Mon Nov 19, 2012 6:47pm EST
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By David Henry

(Reuters) - JPMorgan Chase & Co (JPM.N: Quote) on Monday named Marianne Lake, currently financial chief of its retail banking unit, to be chief financial officer, elevating a little-known executive to the senior ranks of the largest U.S. bank.

Lake, 43, will replace Doug Braunstein as CFO early next year, becoming one of the highest-ranking women on Wall Street, along with others such as Ruth Porat, the chief financial officer of Morgan Stanley (MS.N: Quote).

Lake will answer directly to Dimon in her new job, reestablishing a reporting line for the job that Dimon had taken from Braunstein in July.

"I hope to be described as a great partner and someone who helped drive and develop the business," Lake said in a interview.

Braunstein, 51, a former investment banker, will become a vice chairman at JPMorgan and "focus on serving top clients," according to an announcement from the company.

JPMorgan Chase, roiled by $6.2 billion of trading losses from bad credit bets, has seen a series of management shake-ups in recent months.

In a reshuffle over the summer, Dimon named Michael Cavanagh and Daniel Pinto - both in their late 40s at the time - co-chiefs of commercial and investment banking.

A person familiar with the matter last month said any move by Braunstein would be his decision and was unrelated to the bad credit trades.   Continued...

The entrance to JPMorgan Chase's international headquarters on Park Avenue is seen in New York October 2, 2012. REUTERS/Shannon Stapleton